UK drug development

A £250-million (US$397-million) investment in venture capital for translational research in the United Kingdom could create jobs. The European Investment Fund in Luxembourg City and Cancer Research Technology (CRT), the commercial arm of the London-based charity Cancer Research UK, are jointly investing £50 million in the development of potential cancer drugs. A separate £200-million initiative by the Wellcome Trust in London will support early-stage biotechnology firms. Keith Blundy, chief executive of CRT, says that experts in drug development should find opportunities as the funding helps to take more drug candidates through to clinical trials.